Menon Bearings surges 1% on strong Q1FY23 earnings

25 Jul 2022 , 09:22 AM

Menon Bearings Limited (MBL) has reported its unaudited financial results for the quarter ended June 30, 2022 on July 20, 2022.

Key Highlights:

• Total Income of Rs6,297.28 lakhs, yoy growth of 34%
• EBITDA of Rs1,427.06 lakhs, yoy growth of 29%
• PAT of Rs877.17 lakhs, yoy growth of 34%
• Declared Interim dividend of Rs2.00 per share (i.e. 200% of paid up share capital of the Company) of face value of Re. 1/- each

Commenting on the results Nitin Menon, Executive Chairman & Whole Time Director of Menon Bearings Limited said, “Our company has delivered strong results during the period in all key parameters. Our revenue growth & margins have been encouraging and are confident of sustaining the same growth going forward. 

We have performed excellently across all our segments and are focusing on further growth through better utilization of our capacities. This performance is attributed to our clients who have trusted us for years and have given us opportunities for the new additions to their product base. 

We anticipate that the current strong performance of all our business segments will be sustained in the coming years, allowing us to report a strong growth going forward. We continue to seek for new opportunities domestically in both the auto and non-auto industries.”

At around 9:18 AM, Menon Bearings was trading at Rs89 per share up by Rs0.8 or 0.91% from its previous closing of Rs88.20 per share on the BSE.